In the latest edition of The Company We Keep, we speak with Dr Liz Dallimore, CEO/MD of Argenica Therapeutics, about her journey from a passion for science into the world of capital markets and biotechnology.
Meet Liz Dallimore
Liz shares her perspective on the strengths of Australia’s life sciences ecosystem, the challenges of scaling biotech companies locally, and the evolving understanding of the sector within Australian capital markets. She also discusses Argenica’s recent clinical progress and what lies ahead for the company as it advances its stroke and traumatic brain injury programs.
Q&A with Liz Dallimore
Q1) You’ve built a career across capital markets and healthcare. Can you give us a background on your career, what drew you into the life sciences sector and why you remain in it today.
My interest in the sector really comes from a genuine love of science. I’ve always been curious about how things work — asking questions, unpacking problems and trying to understand why things are the way they are.
That curiosity led me to study three sciences and two maths subjects in Year 12, before going on to complete a science degree at university. During that time, I became particularly fascinated by neuroscience. I had some fantastic lecturers who really sparked my interest in understanding the brain, not just from a psychological perspective, but also what is happening at the cellular level that drives the way we think and behave.
At the same time, I realised that while the science itself is incredibly interesting, advancing it requires significant funding. Scientific discovery and drug development are expensive processes, and bringing new therapies to market requires deep pools of capital.
That’s what ultimately led me toward the business side of science and into capital markets. I became interested in how funding and investment can support the development of new medicines and technologies. In Australia, the ASX plays an important role in providing that capital for emerging biotech companies.
What keeps me in the sector today is that intersection between science and impact. You’re working on innovations that have the potential to genuinely improve people’s lives, while also navigating the commercial pathways that make those developments possible. It’s a really unique and rewarding space to work in.
Q2) How do you describe the current state of the Australian life sciences and biotech ecosystem? Where do you think we’re strongest and where do we still have work to do?
Australia has a strong and evolving life sciences ecosystem, particularly when it comes to research excellence and early-stage innovation.
Our universities and medical research institutes consistently produce world-class science and we’re very good at translating early discoveries into proof-of-concept research. That early innovation pipeline is one of Australia’s real strengths.
We’re also very strong in early-stage clinical research. Australia has highly skilled clinical research infrastructure and the government has invested significantly in supporting early clinical trials. As a result, Australia is becoming increasingly recognised globally as an attractive place to run early-stage trials and there are several reasons for that. Clinical trials here are often more cost-effective, the regulatory framework can be more streamlined than in other jurisdictions and programs such as the R&D Tax Incentive provide meaningful financial support for early-stage companies.
Where we still have work to do is in scaling companies. Many Australian biotech companies follow a similar path – they spin out of research institutes, conduct early clinical trials locally and then look offshore for the larger capital base required to fund later-stage trials.
Strengthening access to capital in Australia and building a deeper base of specialist investors who understand the sector will be key to helping more companies grow and scale domestically.
“Australia has a strong and evolving life sciences ecosystem, particularly when it comes to research excellence and early-stage innovation.”
Q3) How well is Australia converting world-class university research into commercial outcomes, and do you think good research is falling through the gaps?
The translation of research into commercial outcomes often comes down to the strength of technology transfer teams within universities.
Some institutions do this extremely well. The University of Queensland, for example, has a strong track record through UniQuest, which has successfully commercialised a number of research outcomes. Those successes allow them to reinvest capital back into their technology transfer capabilities, creating a positive cycle that continues to strengthen the system.
The challenge for other universities is that technology transfer functions can be vulnerable when budgets are tight. Universities understandably prioritise their core mission of education, and when cost pressures arise, these teams can sometimes be scaled back. When that happens, promising research can struggle to find a clear pathway to commercialisation.
One area where we could improve is educating scientists earlier about the commercialisation process. If researchers had a stronger understanding of how to access capital, build companies and pitch to investors, they may be more proactive in translating their work beyond the university environment rather than relying solely on technology transfer offices.
There is also an ongoing debate about whether Australian research is sometimes spun out too early. Allowing projects to develop further within the university environment before commercialisation could place them in a stronger position when they do eventually seek external investment. Although I acknowledge the challenge of also funding university projects through grant programs such as the NHMRC, which are highly competitive.
Q4) Do you think the Australian listed market has a strong understanding of clinical research and drug development, or is there still a knowledge gap and a lack of patience?
I think the understanding is definitely improving. I’ve been with Argenica for just over five years now, and even over that time I’ve seen a noticeable shift in how investors engage with the sector.
That said, there is still a meaningful knowledge gap when it comes to the realities of drug development. It’s a complex and highly regulated process, involving long timelines, carefully designed clinical trials and rigorous regulatory requirements. Understanding how clinical milestones are structured and how they drive value creation is critical in this space, and that’s an area where the broader market is still developing its knowledge.
However, as the Australian biotech sector continues to mature and we see more success stories emerge, that understanding will naturally deepen. Companies like Neuren Pharmaceuticals, Dimerix and Orthocell, as well as the emergence of clear areas of expertise such as radiopharmaceuticals with great companies like Telix and Clarity, provide fantastic examples of Australian biotech companies achieving global recognition, and successes like these help build confidence and familiarity within the investor base.
There is a growing appreciation of the importance of specialist expertise when analysing biotech companies. Developing a deep understanding of clinical research and drug development requires long‑term engagement and a genuine passion for the sector, and that depth is critical to properly evaluating clinical development programs. While Australia has a small but committed group of dedicated healthcare analysts, continuing to build broader specialist coverage will help support more informed investment decision‑making.
Q5) Biotech development is inherently long-term and capital intensive. How well does that align with the expectations of Australian capital markets, and do you think the sector is appropriately valued here?
There is definitely a mismatch at times between the long-term nature of biotech development and shorter-term expectations that can exist in public markets. Drug development is a methodical and highly regulated process that can take many years, so companies in the sector are really reliant on patient capital.
That said, the capital markets in Australia still play a very important role in enabling early-stage innovation. The ASX has historically been a strong platform for emerging biotech companies to raise funding for early research and clinical development.
One of the challenges, however, is that Australia has fewer specialist venture capital funds focused on biotech compared to markets like the United States. As companies progress through the development pathway and require larger amounts of funding for later-stage clinical trials, they often need to look offshore to secure that capital.
As a result, Australian biotech companies are often significantly undervalued compared with their US counterparts. The US remains the largest and most mature biotech market globally, with far greater investment capital available and a much larger base of specialist investors. That combination typically leads to stronger funding environments, greater liquidity and higher valuations.
For example, companies at a similar stage of development to Argenica, with Phase 2 data, in the United States may have market capitalisations in the range of US$200-300 million, whereas Australian peers can be valued at a fraction of that.
For global pharmaceutical companies, however, valuation differences between markets are less of a factor. When they assess opportunities, they are primarily focused on the underlying science and the progress of the clinical development program rather than the sentiment of the local capital market. Ultimately, it’s the strength of the science and the clinical data that drives those partnerships and ultimately how much a partner is willing to pay.
“As the Australian biotech sector continues to mature and we see more success stories emerge, that understanding will naturally deepen.”
Q6) You’ve been with Argenica for five years now, where is the company today and what should the market be watching for next?
We’ve recently released our Phase 2 clinical trial data, which has been very encouraging. The results identified a clear responder group – patients with more severe strokes – who appear to benefit significantly from the treatment. That’s an important development because it allows us to focus the next stage of clinical development on patients with the highest medical need.
Over the next 12 months, the company’s focus is on advancing our clinical programs. The priority is progressing our Phase 2b trial in acute ischemic stroke, targeting that moderate to severe stroke patient group, alongside a pilot Phase 1b trial in traumatic brain injury, which will be conducted in Australia.
In biotech, much of the value sits in clinical programs, as opposed to pre-clinical programs so expanding and progressing these programs is key to building long-term value for the company.
In the near term, a major priority is finalising the Phase 2b clinical trial protocol for the stroke program. That involves significant consultation with clinicians, regulatory experts and pharmaceutical companies globally. It’s important that the trial is designed in a way that meets the expectations of future partners who may ultimately help take the therapy to market.
Once that protocol is finalised, we’ll engage with the FDA to gain agreement to progress into the clinical studies in the United States.
More broadly, I remain very optimistic about the future of the sector in Australia. Through my involvement with the AusBiotech Board, I’m particularly passionate about continuing to build Australia’s life sciences ecosystem and attracting more talent, capital and companies into the country. Australia is a fantastic place to conduct early-stage research and clinical trials, and with the right support, the sector has enormous potential to grow.
Dr Liz Dallimore’s career reflects the powerful intersection between science, capital and real-world impact. As Australia’s biotech ecosystem continues to evolve, building deeper pools of specialist capital and expertise will be critical to unlocking its full potential.
With encouraging clinical progress at Argenica and a growing global focus on innovation in healthcare, the next phase of development for both the company and the sector promises to be an exciting one.
